Checker is a software project implementing financial logic designed to help stabilize the value of a cryptographic coin with respect to an externally provided index. The code base does define three different kinds of tokens and implements financial logic designed to stabilize the value of one of them with respect to an externally provided index or reference.
Checker's core logic is articulated around a set of smart-contracts. Currently, Arthur Breitman is developing Checker.
The closest existing project in terms of design is MakerDAO. There are many similarities, but also important design differences. For instance, there is no reliance on a global settlement mechanism, and the terms under which collateral is pledged are more flexible.
Tokens are stabilized by backing them, on chain, with contracts collateralized by a cryptocurrency and indexed on an external metric provided by a set of oracles.
If the collateral is a claim on some off-chain assets, then you lose the censorship resistance aspect of an on-chain system. Purely on-chain assets that have any real value and aren't a base layer cryptocurrency are pretty rare.
The name for the coin that Checker attempts to stabilize, "Kit", tentatively. Like a baby fox.
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